User Account

All Pages

Effect of the error on the income statement

Assignment Help Business Economics
Reference no: EM13904948

Boss Motorcycle Shop sells motorcycles, ATVs, and other related supplies and accessories. During the taking of its physical inventory on December 31, 2010, Boss Motorcycle Shop incorrectly counted its inventory as $195,750 instead of the correct amount of $188,200.

a. State the effect of the error on the December 31, 2010, balance sheet of Boss Motorcycle Shop.

b. State the effect of the error on the income statement of Boss Motorcycle Shop for the year ended December 31, 2010.

Reference no: EM13904948

Questions Cloud

Prepare a statement of budgetary resources : The following is a summary of transactions affecting the CTTAs intelligence-gathering material appropriation for the year ended September 30, 2013. Prepare a statement of budgetary resources.
Evaluate funding opportunities and possible partnerships : Evaluate funding opportunities and possible partnerships
Psychology research paper on child abuse and neglect : Psychology Research Paper on child abuse and neglect, Create a profile of one individual or a non-governmental organization (NGO) that influenced Understanding Child Abuse and Neglect
Does polaris have any foreign operations : Refer to Polaris financial statements in Appendix A to answer the following.
Effect of the error on the income statement : State the effect of the error on the December 31, 2010, balance sheet of Boss Motorcycle Shop. State the effect of the error on the income statement of Boss Motorcycle Shop for the year ended December 31, 2010.
What are the 1st and 2nd energy laws? : What are the 1st and 2nd energy laws?
Compute the b e p in units and in shs : i. Compute the B E P in units and in shs. ii. Assume that the company intends to make a profit before tax of 20% of sales, determine the number of units that must be sold.
Describe lessons for auditor and regulators from enron fraud : Describe and consider the lessons for auditors and regulators from the Enron fraud. The role of external auditors in the corporate governance framework. Do the current accounting standards live up to their objectives?
Which company is more efficient in generating net sales : 1. Compute total asset turnover for the most recent two years for Polaris and Arctic Cat using the data shown.

Reviews

Write a Review

Business Economics Questions & Answers

  Economics assignment

This document contains various important questions and their appropriate answers in the subject field of Economics.

  Demand and supply curves

Economics is the study of the principles governing the allocation of scarce means among competing ends when the objective of the allocation is to maximize the attainment of the ends.

  Long-run perfectly competitive equilibrium for the firm

Evaluate Government intervene and correct this situation?(a) Explain the concept of a concentration ratio. A rise in the price of magarine Explain the impact of external costs and external benefits on resource allocation long-run perfectly c..

  Supply and demand diagrams

Explain each of the following using supply and demand diagrams,  With the use of a graph, explain how these two programs affect cigarette consumption and the price of cigarettes.

  Case study: fisher-price toys

The case study of the Fisher-Price Toys, Inc., a popular case in basic economics and management from the prestigious Harvard Business School.

  Draw the production possibility curve

Draw the production possibility curve and a. Define consumer surplus and producer surplus.

  Tax revenue

The Australian government administers two programs that affect the market for cigarettes

  Maximize total welfare

How many tickets to sell to maximize total welfare.

  Difference between the cv and the ev

The change in consumer surplus (?CS) is not "theoretically" justifiable like the CV and EV but it continues to be the most widely used measure of consumer welfare change. Explain how this can be reconciled

  Depict von neumann-morgenstern utility index u in a diagram

Depict the von Neumann-Morgenstern utility index u in a diagram

  What is the market solution

What is the market solution (market price and quantity) and What is the total surplus of the society under the market solution

  Calculate gross national product and net national product

Calculate gross national product and net national product

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd